Latest news with #Economic Modernisation Vision
Zawya
7 days ago
- Business
- Zawya
Jordan ranks 1st in competitive industrial index in region — UNIDO
AMMAN — Jordan ranked first in the region for industrial sector contribution to the Gross Domestic Product (GDP) in 2024, according to the Competitive Industrial Performance (CIP) Index issued by the United Nations Industrial Development Organisation (UNIDO). The achievement underscores the "strength" of Jordan's national industry and its capacity to drive sustainable economic growth in line with the goals of the Economic Modernisation Vision (EMV), according to Amman Chamber of Industry (ACI) President Fathi Jaghbir. The announcement was made during the chamber's annual general meeting, held on Wednesday, with Jaghbir highlighting that Jordan's national exports reached a 'historic' high of some JD8.6 billion in 2024, reaching over 145 countries, the Jordan News Agency, Petra, reported. He noted that the industrial sector was the largest contributor to the national economy, accounting for more than 25.7 per cent of the GDP with a value added exceeding JD7.6 billion, reflecting its 'central' role in supporting economic growth. Despite these achievements, Jaghbir pointed to several challenges facing the sector, which could hinder its growth and the attainment of the ambitious targets outlined in the vision. The industrial sector is responsible for nearly one-third of these targets, particularly in stimulating economic growth, creating jobs and attracting investment. Key obstacles include high operational costs, especially energy prices, raw material costs and shipping and transportation fees, which reduce the competitiveness of local products. Production cost gaps between Jordanian industry and competitors in domestic and export markets stand at around 25 per cent, posing a significant barrier to expansion, he added. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
09-08-2025
- Business
- Jordan Times
Jordan ranks 1st in competitive industrial index in region — UNIDO
AMMAN — Jordan ranked first in the region for industrial sector contribution to the Gross Domestic Product (GDP) in 2024, according to the Competitive Industrial Performance (CIP) Index issued by the United Nations Industrial Development Organisation (UNIDO). The achievement underscores the "strength" of Jordan's national industry and its capacity to drive sustainable economic growth in line with the goals of the Economic Modernisation Vision (EMV), according to Amman Chamber of Industry (ACI) President Fathi Jaghbir. The announcement was made during the chamber's annual general meeting, held on Wednesday, with Jaghbir highlighting that Jordan's national exports reached a 'historic' high of some JD8.6 billion in 2024, reaching over 145 countries, the Jordan News Agency, Petra, reported. He noted that the industrial sector was the largest contributor to the national economy, accounting for more than 25.7 per cent of the GDP with a value added exceeding JD7.6 billion, reflecting its 'central' role in supporting economic growth. Despite these achievements, Jaghbir pointed to several challenges facing the sector, which could hinder its growth and the attainment of the ambitious targets outlined in the vision. The industrial sector is responsible for nearly one-third of these targets, particularly in stimulating economic growth, creating jobs and attracting investment. Key obstacles include high operational costs, especially energy prices, raw material costs and shipping and transportation fees, which reduce the competitiveness of local products. Production cost gaps between Jordanian industry and competitors in domestic and export markets stand at around 25 per cent, posing a significant barrier to expansion, he added.
